Division 3 — WATER FACILITIES REPLACEMENT FUND

2533. • CREATION.

There is hereby created a special fund to be known as the Water Facilities Replacement Fund.

This fund shall be used solely for the purpose of replacing the facilities of the Water Department. Said replacement, including any increases in size or capacity of the facilities being replaced, shall be required to provide improved reliability of water service, reduced operating or maintenance costs, increased fire protection or improvements in water pressure or water quality.

Allowable expenditures shall include all costs for engineering, inspection materials, land, right-of-way, and construction necessary for the replacement of facilities including, but not limited to, reservoirs, wells, pumps, pipelines, values, meters, services, fire hydrants, motors, engines, electrical equipment, telemetry systems, chlorination equipment and related appurtenances. This fund shall not be used for the day-to-day operation or maintenance of the water system.

The source of funding shall be general water revenues. Each fiscal year, beginning with the close of the 1978-79 fiscal year, an amount shall be transferred from the Water Fund to the Water Facilities Replacement Fund in accordance with Council directive. All interest accrued shall remain in the fund.

(Division 3 of Part 3, Chapter 5 of Article II was repealed by Ord. No. 1681 adopted 6-19-79, and a new Division 3 added)

DIVISION 4. - 1946 SEWER BONDS INTEREST AND REDEMPTION FUND

 

For the purpose of paying the principal and interest of the Sewer Bonds, 1946, the Council shall, at the time of fixing the general tax levy, and in the manner for such general tax levy provided, levy and collect annually each year until said bonds are paid, or until there shall be a sum in the City treasury set apart for that purpose sufficient to meet all sums coming due for the principal and interest on said bonds, a tax sufficient to pay the annual interest on said bonds as the same becomes due, and also such part of the principal thereof as shall become due before the proceeds of a tax levied at the time for making the next general tax levy can be made available for the payment of such principal. Said tax shall be in addition to all other taxes levied for municipal purposes and shall be collected at the time and in the same manner as other municipal taxes are collected, and shall forthwith be turned over and paid into a fund of the City to be known as "1946 Sewer Bonds Interest and Redemption Fund." Said fund shall be used for no other purpose than the payment of said bonds and accruing interest thereon.